Strutt & Parker
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Latest property news
Housing crisis now hurting UK businesses, research reveals
Strutt & Parker says three quarters of 1,000 companies it canvassed say housing crisis is impacting their business' performance negatively.
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Latest property news
Purplebricks’ growing dominance revealed by Google search analysis
Searches for hybrid estate agency Purplebricks increased by 18% over the past 12 months, research by consultancy MediaVision reveals.
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Latest property news
Farming business established by Strutt & Parker founders being sold by… Savills
Savills is selling a farming business originally established by the founders of rival estate agency Strutt & Parker.
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Agencies & People
Strutt & Parker returns to ZPG’s arms three years after co-launching OTM
One of the UK's most venerable estate agents and OTM founder Strutt & Parker has announced it will re-list with property portal ZPG.
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Latest property news
20% more landlords struggling with mortgage payments than a year ago
The number of landlords struggling financially has soared by 20%, figures from UK Finance, the organisation replacing the Council of Mortgage Lenders, reveal. Its latest market report shows that the number of landlords with more serious mortgage arrears is on the increase. Those with arrears of between 7.5% and 10% of their balance increased by a fifth year-on-year, although the buy-to-let ‘crackdown’ being led by the government has yet to drive increased possessions in this market – which have held steady. Buried deep in the UK Finance figures is one less publicised fact – that ten times fewer landlords are in mortgage difficulties than homeowners. This may baffle the many landlords who are facing increased lending criteria following the Prudential Regulation Authority’s recently-introduced stricter buy-to-let lending rules. But although the buy-to-let market is struggling, the lending market for homeowners is looking much brighter, UK Finance says. The number of homeowners with arrears of up to 5% of their mortgage balance has been dropping dramatically over the few years, down from 55,000 mortgage in 2014 to 34,500 mortgage during the final quarter of last year. And year-on-year, this type of mortgage arrears decreased by 10%. Also, those in serious arrears has…
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Latest property news
Jeremy Corbyn locks horns with Strutt & Parker over “ridiculous” first time buyer research
Two of the unlikeliest political sparring partners locked horns over the weekend – agent Strutt & Parker and Labour leader Jeremy Corbyn. Commenting on Strutt & Parker’s press campaign last week that suggested first time buying couples could save up the average UK deposit of £33,000 over five years by cutting out six things from their lives, Corbyn said “we have a housing crisis that needs to be addressed, to reduce the whole thing to people drinking cappuccino…is frankly ridiculous” Items of expenditure that Strutt & Parker suggested first time buyers should cut out included on-the-go coffees (£6,248), gym membership (£5,500), mini breaks (£3,500), takeaways (£13,200), playing the lottery (£4,160) and mobile phone upgrades (£770). Out of kilter Speaking at a Labour regional meeting in Huntingdon, Cambridge (pictured, right) over the weekend Jeremy Corbyn told the Press Association that “the idea you can conflate the price of sandwiches to the extortions of the housing market is slightly out of kilter here”, he said. “We have a lot of young people who work really hard, have to rent in the private rented sector, and are spending half, even more, of their take home pay on rent, cannot save to buy, [are]…
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Latest property news
“Ill judged” Strutt & Parker advice to Millennials stirs up a Twitter storm
Strutt & Parker has prompted a Twitter storm today after releasing a report that suggested Millennial young couples should give up six ‘luxuries’ to save up enough money to get on the property ladder. The report suggests that young ‘generation renters’ could save up £64,000 within five years by cutting down nights out, takeaways, shop-bought lunchtime sandwiches, the annual city break holiday, lottery tickets and mobile upgrades. Strutt & Parker’s Head of Research Stephanie McMahon told the Evening Standard that “affordability is a problem for every major city around the world – and in London, it is raising the deposit that is the particular challenge”. “Getting on the property ladder in London is harder than ever, and with an average deposit of £94,000, people are thinking, ‘What luxuries am I willing to forgo now that will pay off five years down the line?’.” The reception for report was distinctly chilly, particularly among the Millennials targeted in the report by Strutt & Parker, which was bought by BNP Paribas in August. On Twitter the report was described as “monstrously ill judged” by blogger @Indiablock on Twitter while decidedly non-Millennial Henry Pryor also took to the social media platform to criticise the…
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Latest property news
Foxtons founder sells flats through former rival
If you’re wondering what Foxtons founder Jon Hunt has been doing with the £375 million fortune he amassed after he sold the estate agent to venture capital firm BC Ventures ten years ago, then the answer is – property development. Jon is currently selling a plot of land in Vauxhall, London that his property company Ocubis, which he owns through his development business Heven, recently gained planning permission for. But rather than sell it through his old firm the development site, which is near the MI5 building at 34-36 Albert Embankment (pictured), is being sold by one of his former rivals in the sales market, Strutt & Parker, it has been reported. Valued for sale at £50 million, the development is to include 166 apartments within two 25-storey towers but also include office and commercial units. Planning development The London Borough of Lambeth has granted detailed planning permission for the development, which will replace both a careworn Texaco garage and one of the Albert Embankment’s last Victorian warehouses, Vintage House. As well as the two residential towers, the site will eventually include 22,000 sq ft of commercial space and 1,500 sq ft of retail, including a café. The warehouse is…
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Latest property news
Strutt & Parker bought by French bank
Strutt & Parker, one of the UK’s oldest and most venerable estate agencies has been bought by French bank BNP Paribas. The acquisition, which is still under way, will see BNP Paribas’ UK operation with head quarters off the Marylebone Road in London merge with Strutt & Parker, which is based in Mayfair (pictured, right) and has 60 branches around the UK. Two years ago Strutt & Parker bought two estate agent rivals in Surrey and Berkshire, making it the biggest player in the rural market and third largest in residential. Strutt & Parker was founded in 1885 and operates largely in the London prime markets as well as rural markets including country estates and agricultural where it manages some 1.5 miles acres of land, but also commercial including logistics and offices. The move gives BNP Paribas a presence in almost all of the UK’s property market’s different sectors including development, investment management, property management and residential and commercial sales and lettings. Opportunity for growth Strutt & Parker’s statement about the merger suggest that the company sees its absorption into BNP Paribas as an opportunity for growth, giving it access to the bank’s huge UK and international contacts and client…
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Movers & Shakers
Strutt & Parker’s National Head of Lettings
Kate Eales has been appointed by Strutt & Parker as its new National Head of Lettings.
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